Video archive of the US Congress

Senate Proceeding on Jun 11th, 2008 :: 5:30:15 to 5:39:31
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Jack Reed

5:30:15 to 5:30:30( Edit History Discussion )

Jack Reed: anwr should never be a first resort, perhaps a last resort in a critical time. but there is much we can and should do, and i'm going to talk about some of it this afternoon, to address these issues.

Jack Reed

5:30:15 to 5:39:31( Edit History Discussion )
Speech By: Jack Reed

Jack Reed

5:30:30 to 5:30:41( Edit History Discussion )

Jack Reed: yes, production. produce more. i just described how i and others have supported more production. conservation. we waste a prodigious amount of oil in this country. efficiency with everything we do,

Jack Reed

5:30:41 to 5:30:55( Edit History Discussion )

Jack Reed: every switch we touch in the morning until evening, all the appliances we use. dramatic new efficiency is important. renewable energy. wind energy. solar, geothermal, so many different forms of energy

Jack Reed

5:30:55 to 5:31:10( Edit History Discussion )

Jack Reed: have to be a part, including the biofuels, have to be a part of our future. having said all that, i want to go through a couple of charts, because wt's happening today is almost unbelievable.

Jack Reed

5:31:10 to 5:31:23( Edit History Discussion )

Jack Reed: and, you know, we've got people driving to the gas pumps this afternoon. we've got people who ordered a load of gas delivered to their farm this afternoon. we've got airlines that pull their airplane up to

Jack Reed

5:31:23 to 5:31:39( Edit History Discussion )

Jack Reed: the gate and then have to load up with fuel. we've got truckers trying to figure out at the next truck stop, how do i stop and get a load of fuel and afford it? look what's happened. oil prices have

Jack Reed

5:31:39 to 5:31:48( Edit History Discussion )

Jack Reed: doubled in a year. there is not one justification in the fundamentals of oil supply and demand for oil doubling in price in a year. there is no justification for it. in fact, this country's had an economic

Jack Reed

5:31:48 to 5:32:28( Edit History Discussion )

Jack Reed: slowdown, and we are using slightly less energy than we did before. so, demand is slightly down in this country. the inventory -- the oil and gas inventories in this country since january have been

Jack Reed

5:37:59 to 5:38:13( Edit History Discussion )

Jack Reed: up slightly. demand's slightly down. product's slightly up. and the price of oil doubles. there is nothing in the fundamentals that justify what has happened to the oil market. now, mr. president,

Jack Reed

5:38:13 to 5:38:26( Edit History Discussion )

Jack Reed: i think i understand what's happened to this market, and here's the line that describes it. it's called speculation. we all know what speculators are. we've lived among speculators. perhaps our

Jack Reed

5:38:26 to 5:38:41( Edit History Discussion )

Jack Reed: neighbors speculate. we all know speculators. will rogers described them about 80 years ago. he said these are people who buy what they'll never get from people who never that had and expect to make money

Jack Reed

5:38:41 to 5:38:51( Edit History Discussion )

Jack Reed: on both sides of the trade. that's speculation. speculators in the oil market -- these aren't people that want oil. these aren't people that ever want to take delivery of oil. these aren't people that

Jack Reed

5:38:51 to 5:39:31( Edit History Discussion )

Jack Reed: would know about the viscosity of oil or perhaps how you drill for oil, nor would they care. they are interested in trading in the commodities market for the purpose of making big profits. they're

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